Parkin Company shares jumped 30 per cent at the opening of the markets on the first trading day of its listing on the Dubai Financial Markets on Thursday.
The company’s shares rose to Dh2.74 within a minute, gaining 30.47 per cent, on the inaugural trading day. Its counter saw 49.18 million shares changing worth Dh133.88 million within the first 10 minutes of trading.
The Dubai government-backed company was the first to launch an initial public offering (IPO) in the UAE this year, raising Dh1.6 billion.
Parkin set the price for its shares at Dh2.10, resulting in a market capitalisation of Dh6.30 billion at listing.
Its IPO set a record in Dubai which was oversubscribed 165 times with record demand of Dh259 billion from investors, becoming the highest-ever oversubscription level achieved on the Dubai Financial Market.
Earlier this week, it announced an increase in the number of shares offered in the UAE retail offer to 12 per cent. It increased ordinary shares from 74,970,000 to 89,964,000 in the retail category. The qualified investor tranche was reduced to 659,736,000 shares instead of 674,730,000 earlier, representing 88 per cent of the offer shares, compared to the 90 per cent previously announced.
Prior to Parkin, Dubai Taxi Company was the latest to float its shares on the Dubai bourse. It started trading on December 7, 2023.
Parkin will be the largest provider of paid parking facilities and services in Dubai and is the first company to launch an IPO in 2024 in the UAE. It currently operates approximately 197,000 paid parking spaces at strategic locations across the emirate.